What’s the advantage of filing a tax return and why is it important? - Alankit tax news

 

The latest UAE VAT laws mandate applicants to duly fill an official tax document known as the VAT returns. It is a document to be filled as per the guidelines given by FTA, and is to be submitted to the Federal Tax Authority before the decided due date.

If a person falls under the category of a ‘taxable person’, as defined in the guidelines, the person may either carry out VAT return filing themself or he/she has the option of authorizing tax agents or legal representatives to file income tax returns. 

First and foremost comes understanding the meaning of income tax return:

A VAT return simply shows the output tax due and input tax recoverable. It also includes any additional information required as per the FTA rules.

Why is income tax return filing important?
There are many benefits of filing income tax returns. NRIs ought to file their ITR if they:

●     Want to claim a refund

●     Have a loss they want to carry forward

●     Want to submit any authority/financial institution

●     To avoid any penalty from the income tax department 

The traditional or offline process of Income Tax Return (ITR) filing is tedious and time-consuming for most businesses. Associated with long queues, cumbersome processes, and complicated paperwork, filing ITR seems like a humongous task.

But with market-leading companies like Alankit offering secured, hassle-free and easier online ITR filing services, it seems a cakewalk. Only a few authorized digital companies can file your Income Tax Returns online.

Head straight to Alankit to file your income tax returns and for other business-specific needs now!